But if Microsoft's stock performance was in the bottom 150 S&P 500 performers, Nadella could collect as few as 50,000 shares (worth $1.8 million at Tuesday's closing price).

Even in the unlikely event that Nadella takes home no bonus and Microsoft's stock performs terribly, the minimum that Nadella could take home this year is $6.6 million (at today's stock price). Next year, the minimum would be $16.2 million.

Of course, Nadella's actual take-home pay will depend on the value of Microsoft's shares when his stock awards vest.